Fintech Alternative Banking Options

Last post: Feb 16, 2018

Fintech, and fintech companies, offer a genuine alternative to the high street banks that have dominated the banking landscape for years. The oligopoly created by “The Big Four” and a few others is seriously under threat from this emerging market. In fact 2017 saw more money invested in the UK fintech market than anywhere else in Europe, despite the concerns over Brexit.

In order to counteract the threat and risks presented by fintech and the Revised Payment Service Directive (PSD2), we could see an increase in the major bank's marketing spend and cyber protection. According to the Bank of England's (BoE) 2017 stress test this could effectively reduce profits by £1.7 billion.

So who are the fintech companies that are driving a fundamental change in the way people manage their finances and what makes them unique? Here at Choice Business Loans, we've taken a look at the companies that are at the forefront of revolutionising the industry.

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